Here you can read our free detailed guide of BUS 225 4-1 assignment: making data-driven decisions and see its solution.
Instructions of BUS 225 4-1 Assignment
Overview
To make sense of all the data available to them, business leaders work alongside data scientists who generate data visualizations to understand business questions via analytics. This process gives companies insight on what is working and what is not: for example, whether the products or services offered are meeting expectations, or if a shift in strategy is necessary.
Prompt
For this assignment, you will take on the role of a business leader who wishes to analyze if a new product their company has introduced is meeting the expectations. Imagine that you would like to create a post in the company intranet that summarizes your findings in an easy-to-read format for your team. Pay special attention to creating meaningful data visualizations. You should use techniques that make content easy to follow but that also display charts accurately without distorting or skewing data. Your company’s profit goal is 25% of the cost of goods sold (COGS). Remember, COGS is the cost of manufacturing the product, including labor, materials, and overhead. You will need to build trust and an open channel of communication with other leaders on your team. Pay close attention to the story that data visualizations tell you and others reviewing your post.
The purpose of this analysis is to better understand the cost, revenue, and profit associated with the new product launch. Review the cost, revenue, and profit spreadsheet retrieved from the company’s data center and consider the following while developing your ideas in this assignment.
What is the importance of data analysis?
What are the results of your analysis?
Think about your analysis and its findings, including visuals. Use visuals and text to re-state the purpose of your analysis and summarize your most important findings.
What are you trying to represent with this data?
What kind of graphic have you selected and why?
How did adding visual representations of the data change your analysis?
Does the target audience influence the way you display information?
Guidelines for Submission
Complete the Making Data Driven Decisions worksheet in your Soomo webtext, download your completed work, and submit it in Brightspace for instructor feedback. You should write using a professional voice, and any sources should be cited according to APA style. Your assignment must be between 400 and 800 words in length.
Step-By-Step Guide on BUS 225 4-1 assignment: making data-driven decisions
Introduction to BUS 224 4-1 Assignment
This Owlisdom How-To Guide aims to assist you in solving the BUS 225 4-1 assignment: making data-driven decisions by helping you analyse and understand the financial metrics associated with a new product launch. Through careful examination and visualisation of data, you will determine if the product aligns with the company’s profit goals and make informed decisions.
What is the importance of data analysis?
Understanding the Importance of Data Analysis
To start the BUS 225 4-1 assignment: making data-driven decisions, we will first discuss the importance of data analysis using the data spreadsheet provided along with the assignment instructions.
- Data Analysis Significance: Acknowledge how data analysis aids in assessing product performance and guiding strategic decisions.
Example
Data analysis is pivotal in the contemporary business landscape, providing empirical evidence to support decision-making. By examining data from the provided spreadsheet, leaders can measure the new product’s performance against established financial targets like the profit goal related to COGS. This practice enables the detection of trends, inefficiencies, and opportunities, guiding strategic decisions toward optimisation. Moreover, data analysis informs resource allocation and can signal the need for potential strategy pivots, ensuring the company remains agile and competitive. It transforms raw numbers into actionable insights, encapsulating the modern liberal arts ethos of applying diverse analytical skills to solve practical challenges.
What are the results of your analysis?
Conducting the Analysis
Next, in this section of BUS 225 4-1 assignment: making data-driven decisions, we will analyse the data.
- Reviewing Spreadsheet Data: Familiarize yourself with the company’s spreadsheet, focusing on COGS, revenue, and profit figures.
- Identifying Key Metrics: Pinpoint essential metrics reflecting the company’s profit goal of 25% of COGS.
Example
Upon reviewing the data, we observe that the COGS for our new product is $100,000. Revenue stands at $150,000, indicating a gross profit of $50,000. To achieve our company’s profit goal, the profit should be 25% of the COGS, which would be $25,000. Our profit surpasses this goal by 100%, showcasing a successful product launch.
However, it’s crucial to consider whether this level of profit is sustainable and if it can be replicated across other products or markets. The analysis should continue to ensure that the profit margin reflects a genuine market demand and not a one-time surge or a pricing strategy that may not be viable long-term. Such scrutiny aligns with the liberal arts tradition of critical thinking and analytical scrutiny, allowing for a multifaceted examination of business performance.
Think about your analysis and its findings, including visuals. Use visuals and text to re-state the purpose of your study and summarise your most important findings.
What are you trying to represent with this data?
What kind of graphic have you selected and why?
Visualising the Data
For this section of the BUS 225 4-1 assignment, making data-driven decisions, we will explain our findings of the analysis using visuals as graphs.
- Choosing Visuals: Decide on visuals like bar charts or line graphs that represent cost, revenue, and profit data without distortion.
- Data Representation: Ensure the selected visuals effectively communicate the data’s story and support your textual analysis.
Example
X-axis: Label the x-axis with the categories “COGS,” “Revenue,” “Profit,” and “Profit Goal.”
Y-axis: Label the y-axis as “Amount ($)” with suitable increments representing values from $0 to $150,000.
COGS Bar: representing $100,000.
Revenue Bar: representing $150,000.
Profit Bar: representing $50,000.
Profit Goal Bar: $25,000 to indicate the target.
How did adding visual representations of the data change your analysis?
Does the target audience influence the way you display information?
Interpreting the Impact of Visual Data
For the last section of the BUS 225 4-1 assignment: making data-driven decisions, we will interpret the impact of using visuals for our data.
- Visual Influence on Analysis: Reflect on how visuals aid in understanding the analysis better and if they reveal any new insights.
- Audience Consideration: Adapt the display of information to the target audience within the company for clarity and impact.
Example
Adding visual representations of data enhanced our analysis by providing a more precise understanding and revealing new insights. Visuals, such as graphs or charts, allow for easier comparison and identification of patterns, facilitating interpretation. Moreover, considering the target audience is crucial as it influences how information is displayed. Tailoring visuals to suit the audience’s preferences and level of expertise ensures clarity and impact. For instance, presenting complex data with simplified visuals for non-technical stakeholders enhances comprehension. Thus, incorporating visuals not only aids analysis but also optimises communication within the company.
Closing
This How-To guide of BUS 225 4-1 assignment: making data-driven decisions helps you understand that data visualisations are a powerful tool for communicating complex information. Your findings will inform the team about the new product’s performance and foster an environment of transparency and data-driven decision-making. Your ability to translate data into meaningful visuals is integral to this process and to building trust with your colleagues.
In the next module of BUS-225, we will explore the 4-2 Discussion: Developing Visualizations for Your Story.
